Both the PMPA Business Trends Index and the ISM PMI for October 2011 index show a slight flattening in shipments; the ISM report indicates a continuation of the expansion of the manufacturing sector.
![Business Trends October 2011 copy](https://i0.wp.com/www.pmpa.org/wp-content/uploads/2011/11/business-trends-october-2011-copy.jpg?resize=450%2C324&ssl=1)
The direction of change in our index parallels that of the ISM PMI reported for October. We believe that the October numbers we report indicate a ‘flattening of,’ not a ‘decline in’ industry shipments.